Jewels: On Experian Credit Report when do they send data for “Balance History”?
My “Balance History” on my Experian credit report shows one of my revolving accounts (a credit card) as being essentially maxed out on about three months, which confuses me because I always pay this card off in full before it is due. I do, however, put my car insurance, cell phone bill, and other large bills on it because of the cash back perks, so it has certainly reached this number during the month, but never remains until the due date as I usually pay it every other week even when it is not due. Is this number just showing the highest amount it reached in any single month? How does this look to creditors if they pull my report and see the high balance frequently reached in my balance history?
Answers and Views:
Answer by Mike
Yes.
When it is available from your lender, Experian and the other agencies use balance data DURING the month, not the data as of your statement date. So balance data is typically the highest balance during the month / the highest credit limit during the month.
To a lender this shows you as being near the limit on that card. For your credit score, that’s okay as long as you have other credit lines available. What matters most is paying on time, followed by paying off your balance in full. In reality, your credit file would be a “good” file, even if you only have one card because although you have a high utilization (balance/limit ratio) you manage that utilization well.
Odds are that you can call your credit card company and have your limit raised a bit and that will improve your FICO score.
Answer by stan cAll accounts are reported automatically to all 3 bureaus. That’s why it’s able to state that you maxed out your balance. Try to get an increase on the cards that you use so this will not happen in the future.
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